Andhra Bank Home Loan EMI Calculator

Andhra Bank Home Loan - Lowest EMI is Rs. 852 per lakh

Last Updated 09th Dec 2016

Get monthly EMI as low as Rs. 852 per lakh with Andhra Bank now offering home loans with loan tenure upto 30 years.

Lowest home loan interest rate currently offered by Andhra Bank is 9.65%, for which the EMI per Rs. 1 lakh loan amount comes to Rs. 1,053 for a 15 year loan and Rs. 942 for a 20 year loan. Check the EMI for other tenures using the Andhra Bank home loan EMI calculator on this page.

Andhra Bank Home Loan EMI

Home Loan EMI (or equated monthly instalment) is a fixed amount of money paid by you to Andhra Bank against the loan taken. This is towards repayment of your loan to the bank. Every month, it is due on a fixed day of the month till your loan is fully paid back.

With Andhra Bank offering Home Loans with loan tenure upto 30 years, the loan EMI can be as low as Rs. 852 per lakh, to make it more affordable and convenient to meet your needs. Lowest Rate of interest offered by Andhra Bank on Home Loan is 9.65%.

Loan Tenure

Loan Amount (Rs.)

15 years

20 years

30 years

2,500,000

26,332

23,549

21,296

5,000,000

52,665

47,097

42,591

7,500,000

78,997

70,646

63,887

10,000,000

105,329

94,195

85,182

This EMI consists of both interest payment and principal repayment. Though the EMI amount will remain constant, the principal component keeps increasing and on the other hand the interest component keeps reducing.

Andhra Bank Home Loan EMI calculator formula

P*r* (1+r)^n/([(1+r)^n]-1)

Here is an illustration of how Andhra Bank Home Loan EMI is calculated:

In above formula,

P = Loan amount. This can range from Rs. 1,000,000 to Rs. 100,000,000

r = Rate of interest per month. Current rate is 9.65%, which is linked to Andhra Bank 1 Year MCLR, which is currently 9.45%. Last revised on 15th Oct 16

n = tenure in month. For Andhra Bank, this can be 360 months

Will the Andhra Bank home loan EMI remain constant or change in future? What happens in case of increase or decrease in interest rate?

Typically, the home loan EMI remains unchanged unless the customer requests for a change and the same is approved by Andhra Bank subject to its eligibility conditions (note that nominal charges may apply for effecting a customer initiated change in EMI)

In case the floating rate of interest on your home loan increases, Andhra Bank will typically keep the EMI constant but increase the loan tenure. So, you will pay the same EMI but for a longer duration. In case the interest rates increase to an extent that the revised loan tenure is more than the maximum permissible by Andhra Bank, the bank may increase your EMI amount.

Will home loan EMI change in case of prepayment?

Andhra Bank allows prepayment at nil charges or penalty in case of floating rate home loans.

When you make a prepayment, the outstanding principal amount on your home loan reduces. In this case, you may choose to either keep the EMI the same and reduce the loan tenure (that is pay off the loan faster) or reduce the EMI and keep the loan tenure the same (that is pay lesser amount every month). It is beneficial to keep the EMI constant and reduce the loan tenure as you pay less interest to the bank in this option.

Andhra Bank plans to provide 24x7 banking facility in all its branches in phases. After the opening of Navshakti branch at its main branch, people do not have to wait in long queues to transact at fixed business hours as in conventional branches. Navshakti branches are a boon to customers as they can transact easily even at night after their regular office hours. In the next 2 to 3 months, bank is planning to open six more such branches in the zone.

15th Jul 16 Andhra Bank reduces MCLR by 0.05 percent

Andhra Bank will reduce its Marginal Cost Lending Rate (MCLR) by 0.05 percent or 5 basis points across maturities. This will reduce its one-year MCLR to 9.55 percent, from the current rate of 9.60 percent . Overnight MCLR will be reduced to 9.3 percent , while 6 month MCLR will be lowered to 9.4 percent. The new MCLR will be effective from July 15, 2016.

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